YPB Extends e-Passport Agreement
Sydney, Aug 16, 2016 AEST (ABN Newswire) - Brand Protection and Customer Engagement solutions company YPB Group Ltd (
ASX:YPB) has exercised the option to extend the Memorandum of Cooperation (MOC) with Foilmakers Australia Pty Ltd (FMA) relating to the application of proprietary VariSec technology to e-Passports.
Signed in July 2015, the first year of the agreement has resulted in four orders including re-orders for YPB's VariSec technology, to be applied to newly issued e-Passports for both first world and emerging economies. Continued orders are expected over the next 12 months.
YPB's VariSec technology has now been applied to three countries' e-Passports in a marketplace where an estimated 125 million new e-Passports are issued annually.
According to the International Civil Aviation Organisation an additional 21 countries are expected to issue e-Passports in the coming year with a 23% increase expected over the next 48 months, opening a significant opportunity for YPB.
YPB's VariSec technology is believed to be the only security foil in the global e-Passport marketplace.
YPB Executive Chairman Mr John Houston said: "One of the sweeping global trends that YPB can benefit from is the increasing need for Governments to protect their Vital Documents from counterfeit, and we are focusing attention on this sector to further extend our PROTECT solutions within the e-Passport arena."
About YPB Group Ltd
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